§ Sir Rhodes BoysonTo ask the Secretary of State for the Environment when he proposes to establish the London Pensions Fund Authority; and if he will make a statement.
§ Mr. Heathcoat-AmoryThe London Pensions Fund Authority—the "London Pensions Fund"—will be formally established tomorrow by an order made under sections 67 and 101 of the Local Government Act 1985. The order transfers to the London Pensions Fund on 180W April 1990 the superannuation fund and associated functions, rights and liabilities which the London Residuary Body inherited on the abolition of the former Greater London Council.
The establishment of this independent superannuation administering body is based on proposals received from the LRB under section 67 of the 1985 act and follows extensive consultations with the London boroughs and other interested parties over the future of the former GLC fund. The fund is the second largest in England operating under the local government superannuation scheme, with assets of some 1.5 billion at the end of 1988–89. The LRB has successfully managed and administered the fund since abolition, and the establishment of this new body will continue to safeguard the interests of contributors and pensioners alike.
My right hon. Friend the Secretary of State has today made the following appointments to the board members of the London Pensions Fund after consultations with organisations representing London local government:
- Sir George Blunden (Chairman)
- Mr. Michael Roberts (Deputy Chairman)
- Sir Nigel Althaus
- Councillor E. D. Barkway, OBE
- Professor R. N. Franklin
- Councillor A. King, JP
- Councillor A. S. Lourie
- Mr. C. J. Messer
One further appointment will be made as soon as possible which will represent local London government.